New Delhi: Banks ask about the customer’s job profile before giving a personal loan. If you have applied for a personal loan, you must have experienced this. Banks or NBFCs ask the customer about his job when they receive a loan application. The bank also asks how many years the customer has been working in the company. What is the customer’s salary? The bank even asks for the salary slip. Let us know about this in detail.
know about the company for many reasons
Banks or NBFCs are interested in knowing the profile of the company in which the customer is working. How reputed is this company. How old is this company and what is its track record. Actually, banks or NBFCs want to know these things to know how stable the customer’s job is. Generally, jobs in big companies are considered secure. That is why banks and NBFCs want as much information as possible about the company.
financial condition of the company
If a customer works in a company for a long time, then his job is considered secure. If the financial condition of the company is good, then there is a greater possibility that it will pay the salary to the employer on time. The company will also increase the salary every year. The company also wants to know how many employees are there in the company. Based on this information, the company considers the application for personal loan.
Companies in the database
Banks and NBFCs nowadays also maintain a database of company profiles. When they receive a loan application, they obtain information from their database about the company in which the customer works. If the NBFC or the bank feels that the customer’s salary package is very good and his job profile is good then it takes a quick decision regarding the loan application. Bank or NBFC offers a loan of higher amount to the customer. It also gives concession in interest rate to the customer. That is why the loan of people working in big companies gets approved quickly.
Employees of small companies
If the bank feels that the customer works in a small company or a company that is not well known, then it is not interested in approving the loan. Many times banks offer loans of lesser amount to such customers. They also fix higher interest rates on the loan. The reason for this is that they see the risk on their loan. To compensate for this risk, they try to charge higher interest. Since the customer has already tried for a loan at many places, he takes a loan from the bank at a higher interest rate.